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IBJA proposes jewellery export facilitation centre at GIFT IFSC



Indian Bullion and Jewellers Association (IBJA) has proposed setting up a jewellery export facilitation centre at GIFT IFSC in Gandhinagar. A formal proposal has been presented to the GIFT City authorities, and the investment for the proposed centre, the GIFT Trade Centre, is estimated at Rs 500 crore, said sources privy to the development.


“The idea is to create a centralized platform where jewellers from all corners of the country can showcase their products to potential international buyers.


“It’s envisioned as a global hub for Indian jewellers to exhibit their designs and facilitate direct purchases,” said a source from an International Financial Services Centres Authority (IFSCA) committee.


A vital advantage of this facility is that buyers can directly purchase jewellery from the jewellers without incurring Indian taxes. This initiative is expected to facilitate duty-free exports of gold equivalent to the sale value for Indian jewellers. Essentially, jewellers who sell gold will be eligible to receive a bullion depository receipt equivalent to the value of their sales. This will incentivize and simplify jewellery exports.


Source: TIMES OF INDIA




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